The Bank of International Settlements has produced a study paper claiming to reject the hypothesis that bitcoin investors are “motivated by distrust in fiat currencies or regulated finance.”
In brief, research by the Bank for International Settlements finds that crypto investors don’t hate banks after all. Those who are anti-fiat check out crypto but don’t end up investing in it, according to the study.
The study also shows that it’s the digital nativity, like using mobile banking apps, that increases your odds of investing in crypto.
What attracts people to the crypto world?
Researchers at the Bank for International Settlements, a group of central banks, discovered that staying up to date with technology, being male, and one’s education were more important than vehement hate of currency or Wall Street.
The BIS employed statistical research in one of its most recent publications, published on Thursday, to reject the assumption that crypto investors are “motivated by distrust in fiat currencies or regulated finance.”
The researchers used data from the US Survey of Consumer Payment Choice, which polled 3,273 people and asked them to rank the security and convenience of cash, bank payments, and online payments on a scale of one to five.
People trust cash, banks, and internet payment apps, it turns out. The average number of responses ranged from 2.7 to 4.
People who gave traditional banking technology lower grades were more inclined to learn about cryptocurrencies, but not to invest in them.
So, who is it that invests in online cash?
People who utilize technology were 1.9 percentage points more likely to invest in cryptocurrency, 2 percentage points more likely to use PayPal, and 3.5 percentage points more likely to use mobile payment apps.
To put it another way, a substantial percentage of Americans are slightly more prone than the remainder to fall into the crypto trap. In the United States, four-fifths of people use debit cards, a quarter has used payment apps, and nearly 40% have used PayPal in the previous year.
Men were also more inclined to invest in cryptocurrency than women.